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EUR/USD stays below 1.0700 as focus shifts to Fed policy decisions
EUR/USD stays in its daily range below 1.0700 after the data from the US showed that private sector employment rose more than expected in April. The Federal Reserve will announce monetary policy decisions later in the day.
GBP/USD holds steady below 1.2500 ahead of Fed
GBP/USD is off the lows but stays flatlined below 1.2500 on Wednesday. The US Dollar holds its ground after upbeat ADP Employment Change data and doesn't allow the pair to stage a rebound ahead of the Fed's policy decisions.
Gold consolidates losses below $2,300, eyes on Fed policy decision
Gold price hovers below $2,300 as uncertainty ahead of the Fed’s policy announcements improves the appeal of the US Dollar and bond yields. The Fed is expected to hold the policy rate unchanged amid stubborn inflation.
A new stage of Bitcoin's decline
Bitcoin's closing price on Tuesday became the lowest since late February, confirming the downward trend and falling under March and April support and the psychologically important round level.
US Federal Reserve Decision Preview: Markets look for clues about interest rate cut timing
The Federal Reserve is widely anticipated to keep interest rates unchanged. Fed Chairman Powell’s remarks could provide important clues about the timing of the policy pivot.
DEEPER DIVE
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture.
Building the future
There is a construction boom underway that is quietly transforming the production capabilities and other aspects of the US economy. The fastest-growing category within nonresidential construction in recent years has been manufacturing.
Addressing the public debt challenge in the EU
Recently an agreement has been reached between representatives of the European Council, the European Parliament, and the European Commission on a new economic governance framework.
FXS Signals
Technical Confluences Detector
Gold sellers keep sight on $2,223 and the Fed decision Premium
Gold price is catching a breather early Wednesday, having hit a four-week low at $2,285 on Tuesday. Traders refrain from placing fresh directional bets on Gold price, anticipating the all-important US Federal Reserve (Fed) interest rate decision due later in the day.
Gold price looks vulnerable, as the Fed verdict looms
The Fed is widely expected to hold the Fed Funds Rate steady in the range of 5.25% to 5.5% at its May policy meeting. However, the path forward on the interest rates is likely to be laid out in the policy statement and Fed Chair Jerome Powell’s press conference will set the tone for Gold markets in the coming weeks.
CRYPTOCURRENCIES
Ethereum dips below key level as Hong Kong ETFs underperform
Ethereum (ETH) experienced a further decline on Tuesday following a disappointing first-day trading volume for Hong Kong's spot Bitcoin and ETH ETFs. This comes off the back of increased long liquidations and mixed whale activity surrounding the top altcoin.
Bitcoin Cash advocate Roger Ver arrested and charged with falsifying taxes
Bitcoin Cash (BCH) proponent Roger Ver, also an early Bitcoin investor, was allegedly picked up by Spanish authorities over the weekend on charges of tax fraud by the US DOJ.
Bitcoin price dips into $60K range as spot traders flock to Coinbase Lightning Network
Bitcoin slid lower on Tuesday during the opening hours of the New York session, dipping its toes into a crucial chart area. It comes as markets continue to digest the performance of Hong Kong ETFs.
Renzo's REZ dips after airdrop and Binance listing
Renzo users could claim their airdrop based on accumulated ezPoints. REZ dips about 35% after listing on Binance and several other exchanges. Renzo seems to have gotten over an earlier scare from ezETH depeg last week.
THE STOCK OF THE DAY
MULN experiences second straight session of double-digit gains Premium
Mullen Automotive receives $45K subsidy from California per electric semi-truck. Subsidy is point-of-sale and could push Mullen THREE cost down to $17,000. MULN stock rose 81% on Monday on the news. Mullen stock rally continues on Tuesday with early gains.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action next week Premium
The EUR/USD pair temporarily reconquered the 1.0700 threshold this week, settling at around that round level. The US Dollar lost its appeal following discouraging US macroeconomic data indicating tepid growth and persistent inflationary pressures.
GBP/USD: Pound Sterling recovers after two straight weeks of losses Premium
Pound Sterling witnessed a negative start to the week despite the return of risk appetite on ebbing fears over a wider regional conflict in the Middle East.
US Dollar: Decline expected to moderate ahead of Fed and NFP Premium
A modest weekly retracement saw the Greenback reverse two consecutive advances, motivating the USD Index (DXY) to retreat further from yearly peaks at around 106.50 recorded earlier in the month.
Gold: Strength of $2,300 support is an encouraging sign for bulls Premium
Gold (XAU/USD) price started the week under heavy bearish pressure and registered its largest one-day loss of the year on Monday. The pair managed to stage a rebound in the second half of the week but closed in negative territory.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the euro. Chinese PMIs and New Zealand employment to be watched too.
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